Twitter CEO announces departure of two executives, hiring on hold amid Musk takeover

A Twitter logo 3D printed over non-3D printed Twitter logos is seen in this illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration

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May 12 (Reuters) – Two senior executives at Twitter (TWTR.N) who oversee the consumer and revenue divisions will leave the social media company, chief executive Parag Agrawal told employees in a memo on Thursday, in the one of the biggest upheavals. in the business since billionaire Elon Musk announced he would buy it for $44 billion.

Agrawal also said in the memo, which was seen by Reuters, that Twitter would suspend most hiring and review all existing job postings to determine if any “should be taken down.”

He attributed the move in part to Twitter not being able to meet user and revenue growth milestones to maintain confidence that it could meet the aggressive growth targets it had set for itself. fixed in 2020.

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“We must continue to be intentional about our teams, our hires and our costs,” Agrawal wrote.

The company targeted $7.5 billion in annual revenue and 315 million daily users by the end of 2023, but withdrew those targets in its recent earnings report.

Kayvon Beykpour, who ran Twitter’s consumer division, and Bruce Falck, who oversaw revenue, both tweeted on Thursday that the departures were not their decisions.

“Parag asked me to leave after letting me know he wanted to take the team in a different direction,” Beykpour tweeted, adding that he was still on paternity leave on Twitter.

“I will clarify that I too got fired by (Parag),” Falck said, though he appeared to later delete the tweet.

Falck thanked his team in a tweet thread and updated his bio to say “unemployed.”

“We were able to get the results we got because of your hard work – quarterly revenue doesn’t lie. Do it on Google,” he said.

Jay Sullivan, who led the consumer unit during Beykpour’s furlough, will become the permanent head of the division. He will also oversee the revenue team until a new leader is appointed, Agrawal said in the memo.

While no layoffs are expected, Agrawal said Twitter would reduce its outsourcing, travel and marketing spending as well as its real estate footprint.

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Reporting by Sheila Dang in Dallas; additional reporting by Katie Paul Editing by Chizu Nomiyama, Will Dunham, Nick Zieminski and Bernard Orr

Our standards: The Thomson Reuters Trust Principles.

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